Hospitality is an industry where maintaining a balance between delivering a guest experience that shows loyalty and repeating the business and delivering on their revenue & profit responsibilities towards stakeholders, shareholders become a challenging task. Decisions made in just one department can have impacts across the other parts of an organization. Without a good understanding of the food cost, a marketing campaign running restaurant discounts could have an adverse impact on profitability.
In order to bring balance between profitability & retaining long-term customers, analytics acts like GPS, i.e. helps to be on track and pings when you go off. Therefore, fostering a culture of fact-based decisions in the organization has become important. This helps the organization to find the right direction, understand the trade-offs, etc to stand out the best in today’s cut-throat competition.
The foundation of any analytics program is an organization-level commitment to data management.
The data management program consists of the following sections:
Data Governance- Data Integration
- Data Quality
Let intuition be backed up by data, and inspiration be the right action that comes from what numbers tell you!
The role of analytics is becoming centralized in hospitality
Traditionally, the role of analytics was only confined to the departments like finance, operations, and marketing at the most, however, the time demands to work all the relevant departments using analytics. For instance, over time when online and social media reviews and ratings would decide hotel’s occupancy and rates, then the operations and marketing department would require to work very closely to know what the customer is saying.
